Business Law Ii Final Exam Notes

Better Essays
Topics: Partnership
Chapter 50- Real Property and Landlord- Tenant Relationship

Landlord Tenant Relationship
A Lease Contract arises when a property owner (Landlord) agrees to give another party (Tenant) exclusive rights to possess the property- usually for a price and for a specified term.
Landlord Duties 1. Implied warranty of habitability- The premises must be fit for basic human habitation 2. Possession- A landlord is obligated to give a tenant possession of the property that the tenant has agreed to lease. Whether the landlord must provide actually physical possession or the legal right to possession. After obtaining possession, the tenant retains the property exclusively until the lease expires, unless the lease states otherwise. 3. Implied Covenant of quiet enjoyment- The tenant has the right to quiet use and enjoyment of the possession of the premises, without a problem from the landlord a. Wrongful Eviction- If the landlord deprives the tenant of possession of the least property or interferes with the tenants use or enjoyment b. Constructive Eviction- The landlord makes it hard or impossible for the tenant to enjoy the premises
Tenants Duties 1. Keep Premises in reasonably good repair 2. Must pay rent 3. Cannot create waste (Decrease the value of the property)

Transferring Rights to Leased Property

1. Assignment- When the tenant transfers their entire interest in the leased property to a third person is known as an assignment 2. Sublease- When the tenant transfers all or part of the premises for a period shorter than the lease term is known as a sublease.

Real Property
Non-possessory Interests
In contrast to the types of property interests, some interests in land do not include any rights to possess the property (Interests in real property owned by others) including easements, profits and licenses

1. Easement- The right of a person to make limited use of another person’s real property, without taking

You May Also Find These Documents Helpful

  • Good Essays

    Business Law: Final Exam

    • 1288 Words
    • 6 Pages

    BUSINESS LAW FINAL * Article 2 governs sales of goods- True * Delivering of a title- Sale * A warehouse receipt is a document that provides proof of ownership of commodities that are stored in a warehouse * Shipment contract- the seller is required or authorized to ship goods by carrier, such as a trucking company. The title passes to the buyer at the time and place of shipment * The risk of loss in a shipment contract passes to the buyer or lessee when the goods are delivered…

    • 1288 Words
    • 6 Pages
    Good Essays
  • Good Essays

    Contract Law Final Exams Notes

    • 25480 Words
    • 102 Pages

    PART 2: AGREEMENT A. Offer and acceptance Offer * Objective approach: offer must normally be interpreted in the sense in which it would reasonably be understood by an ordinary person, even though the offeror’s actual meaning was otherwise. * Definition: indication by one person to another of his or her willingness to enter into a contract with that person on certain terms. The ‘offer’ must indicate a willingness by the offeror to be bound without further negotiation as to the terms of…

    • 25480 Words
    • 102 Pages
    Good Essays
  • Good Essays

    Final Exam Notes

    • 4062 Words
    • 17 Pages

    HIST 2111 FINAL EXAM STUDY GUIDE PART I: ESSAY: write a thorough essay in response to one of the following questions (worth 60% of exam): 1. Why do historians often call the American Civil War the “Second American Revolution?” • At the end of the war Congress reshaped political and Economic character • national currency and banking • Transcontinental railroad and telegraph-became more unified with national government, economy, and spirit American development…

    • 4062 Words
    • 17 Pages
    Good Essays
  • Powerful Essays

    Final Exam Notes

    • 2372 Words
    • 10 Pages

    131 Chapter 9 Notes – Sentencing. Chapter Summary The text discusses several important aspects of sentencing in Chapter 9; it also describes five goals of contemporary sentencing: retribution, incapacitation, deterrence, rehabilitation, and restoration. Retribution corresponds to the just deserts model of sentencing and is best understood from the biblical reference to “eye for an eye, tooth for a tooth.” Incapacitation seeks to isolate offenders from society. Deterrence, both specific and general…

    • 2372 Words
    • 10 Pages
    Powerful Essays
  • Satisfactory Essays

    Business Law: Exam

    • 1137 Words
    • 4 Pages

    BUSINESS LAW FINAL EXAM This is a take-home exam. The exam is to be handed out on July 26, 2012 and returned on July 31, 2012 on the final exam time. The group leader will assign each group member a question and each group member will answer the question and return the answer to the group leader. The group leader will grade each member in terms of cooperation and totality of the answer. The group leader will submit a final draft on exam date (July 31, 2012). The final draft must be done in…

    • 1137 Words
    • 4 Pages
    Satisfactory Essays
  • Powerful Essays

    Final Exam Notes

    • 18380 Words
    • 66 Pages

    EN201OC: Children's Literature Final Examination The final examination for EN201OC: Children's Literature, is an online examination which you can write any time during the examination period. The examination will be available from 12:30 am on the first day of the exam period until midnight of the last day.You are allowed to attempt the examination once only, so you should ensure that you are ready to write the examination before beginning. The examination is 3 [three] hours in length, and…

    • 18380 Words
    • 66 Pages
    Powerful Essays
  • Good Essays

    Law Exam Notes

    • 1340 Words
    • 6 Pages

    only used amongst others. Ie- adaptability, capability, type of work, sickness, performance, appraisals, qualifications, skills, disciplinary record. Volunteer redundancy- Be careful what you ask for! Obliged to consultation, don’t have to agree. Case law suggests three stage test: was the employee dismissed? if so, had the employer’s requirement for employees to carry out work of a particular kind ceased or diminished, or was it expected to cease or diminish? if yes, was the dismissal caused wholly…

    • 1340 Words
    • 6 Pages
    Good Essays
  • Good Essays

    Law and Corporate Managers – Prof. Larry Franklin Question Two A. (i) For refusal In order to honor the LC, the Seller has to comply exactly with the terms of the letter of credit. There are numerous typo errors in the LC and misspellings of the destination port and the Seller name, hence only a waiver of the discrepancies from JFTC will enable Bank of China to pay the Seller. As long as the waiver is not received, the BOC cannot make any payments. BOC has to state why it is not going to…

    • 1914 Words
    • 8 Pages
    Good Essays
  • Satisfactory Essays

    final exam notes

    • 629 Words
    • 3 Pages

    “American Romanticism” Final Review Guide Format (subject to relatively small changes): • 15 fill-in-the-blank questions on authors, texts, key terms, key characters, key plot events. Some of these may come directly from the quizzes. (1 point each) • 5 short answer questions (3 points each) • 4 out of 5 passage IDs and Explanation (1 point for title and author; 4 points for explanation) • 1 long essay , chosen from 3 prompts (10 points) Texts and Images to Review: Expect this test to be especially…

    • 629 Words
    • 3 Pages
    Satisfactory Essays
  • Best Essays

    Business Law Final

    • 2882 Words
    • 12 Pages

    Title Course Instructor Date Women’s Progression Through Employment and Labor Laws The United States of America is known as the land of the free and home of the brave. Americans are privileged to live in a society where there are laws created and continuously enforced to ensure the protection of the citizens’ rights. Law-breakers have consequences and punished for their wrongdoings and not obeying the law. The government is expected and challenged to practice equality in all decisions…

    • 2882 Words
    • 12 Pages
    Best Essays